Resources

Welcome to the largest collection of original Value Investing articles and documents on the web. To contribute to the expansion of this collection, or receive our monthly value investing newsletter, go here.

 

 

Benjamin Graham  – Lectures & Articles

 

Should Rich Corporations Return Stockholders’ Cash? (1932)

Should Rich But Losing Corporations be Liquidated? (1932)

Inflated Treasuries and Deflated Stockholders (1932)

The Interpretation of Financial Statements (1937)

Stock Dividends: They Can Save Invesors Many a Tax Dollar (1942)

Stock Dividends: An Analysis of Some Major Obstacles (1942)

World Commodities and World Currency (1944)

Lectures on Value Investing (1945)

Should analysts have a Professional Rating? (1945)

Toward a Science of Security Analysis (1945)

Special Situations (1946)

Money As Pure Commodity (1947)

Valuation Technique (1947)

How to Handle your Money (1955)

Testimony to US Congress on Security Markets (1955)

Illustrative Approaches to Formula Valuations of Common Stocks (1957)

Stock Market Warning: Danger Ahead! (1960)

Securities in an Insecure World (1963)

The Flexible Work Year: An Answer to Unemployment (1964)

Some Observations (1968)

The Future of Common Stocks (1974)

The Renaissance of Value (1974)

A Conversation with Ben Graham (1976)

An Hour with Mr. Graham (1976)

 

Graham-Newman  Partnership Letters
1946 Letter to Investors                                       1953 Letter to Investors
1947 Letter to Investors                                       1954 Letter to Investors
1948 Letter to Investors                                       1955 Letter to Investors
1949 Letter to Investors                                       1956 Letter to Investors
1950 Letter to Investors                                       1957 Letter to Investors
1951 Letter to Investors                                       1958 Letter to Investors
1952 Letter to Investors
 

Walter J. Schloss – Lectures & Articles

Criteria for Liquidations (1952)

The Right Stuff: Why Walter Schloss is Such a Great Investor (1985)

Seminar in Value Investing (1993)

Factors to Make Money in Stocks (1994)

Benjamin Graham and Security Analysis: A Reminiscence (1999)

 

Warren Buffett – Articles and Other Writings

The Security I Like Best (1951)

A Letter to the Editor: Real Estate Acquisitions (1962)

Buffett Letter on Walter Schloss (1976)

How Inflation Swindles the Equity Investor (1977)

A Warning About the Use of Derivatives (1982)

The Superinvestors of Graham-and-Doddsville (1984)

America’s Growing Trade Deficit is Selling the Nation (2003)

Buffett Market Calls (1974-2008)

Security Analysis 6th Edition Foreword (2009)

 
Warren Buffett Partnership Letters
1959-02-11 Letter                                                     1965-07-09 Letter
1960-02-20 Letter                                                     1965-11-01 Letter
1961-01-30 Letter                                                     1966-01-20 Letter           
1961-07-22 Letter                                                     1966-07-12 Letter
1962-01- 24 Letter                                                    1966-11-01 Letter
1962-07-06 Letter                                                     1967-01-25 Letter
1962-12-24 Letter                                                     1967-07-12 Letter                
1963-01-18 Letter                                                     1967-10-09 Letter
1963-07-10 Letter                                                     1967-11-01 Letter
1963-11-06 Letter                                                     1968-01-24 Letter
1963-12-26 Letter                                                     1968-07-11 Letter
1964-01-18 Letter                                                     1968-11-01 Letter
1964-07-08 Letter                                                     1969-01-22 Letter
1965-01-18 Letter                                                     1969-05-29 Letter 
 

Berkshire Hathaway Unpublished Letters 1969-1976

    1969              1973

   1970              1974                                                            

    1971              1975

    1972              1976

Berkshire Hathaway Shareholder Letters 1977-Present

Available Here

Charles T. Munger Letters (Wesco)
1997 Letter                                                                     2003 Letter
1998 Letter                                                                     2004 Letter
1999 Letter                                                                     2005 Letter
2000 Letter                                                                     2006 Letter
2001 Letter                                                                     2007 Letter
2002 Letter                                                                     2008 Letter

2009 Letter

Seth Klarman Articles

Who’s to Blame When the Market Drops? Analysis Often Misses Mark (1989)

Do They Eat at Home? Guides to Choosing a Money Manager (1991)

Don’t Be a Yield Pig (1992)

Baupost Group Letters (1995-2001)

Why Value Investors are Different (1999)

On the Painful Decision to Hold Cash (2004)  

On Risk and “Productive Worrying” (2004) 

Speech at MIT on Subprime Mortgage (2007)

Video Library

  

Warren Buffett on Investing

Martin J. Whitman on Investing

John Templeton on Investing

Recommended Books

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